Card-AgroCredit UCC to increase its credit portfolio in 2010 by 35-40%

ArmInfo. Card-AgroCredit Credit company is going to increase its credit portfolio in 2010 by 35-40%, Chairman of the Board of Card-AgroCredit UCC, Director of the Center of Agribusiness and Rural Development Fund (CARD) Gagik Sardaryan said and added that the company's credit portfolio currently makes up 900 million drams. To recall, Card-AgroCredit UCC, founded by CARD, was registered by the Central Bank of Armenia on June 27, 2008. According to Sardaryan, the company will lay the main emphasis in crediting in 2010 on carrying out of leasing transactions, in particular, in the line of tractor delivery for agricultural subjects. It is scheduled to purchase the tractors from one of the subsidiaries of CARD - Card-Agroservice, being a representative of an American tractor production company John Deere in Armenia.

According to the Ranking of Armenia's credit companies, prepared by the Agency of Rating Marketing Information (ArmInfo), the assets of Card-AgroCredit UCC as of October 1, 2009, made up 946 mln drams ($2.5 mln), the credit portfolio - 771 mln drams ($2 mln) and the total capital - 535 mln drams ($1.4 mln). The company assured an undistributed profit over 9 months of 2009 at the rate of 65.1 mln drams ($169.3 thsd). To recall, 27 credit companies are currently functioning in Armenia, 4 of which are leasing companies, 22 - universal credit companies and 1 - Credit Union. To note, the CARD Foundation, which has been functioning since April 2005, is continuation of the Marketing Assistance Programme of the US Department of Agriculture (USDA MAP), within the frames of which financial, technical and marketing assistance was provided to over 160 Armenian enterprises in the sphere of agribusiness from 1993 to 2005, as well as to 25 production and commercial cooperatives, 50 Credit clubs and thousand of farm enterprises in all the regions of Armenia.